The European Investment Bank (EIB), the EU's financing institution, announces a EUR 150 million long-term loan to the Egyptian Electricity Holding Company (EEHC) for construction of the second module for the Nubariya power plant. Located on the Nile delta 120 km north-west of Cairo near the junction of the El Nubariya and El Nassery canals, this will have an annual output of 4 550 GWh/a.
This loan follows on from an initial EUR 150 million granted by the EIB in September 2002 for phase one of this gas-fired combined-cycle plant, which is scheduled to enter into commercial operation in 2007. At the signing of this second loan in Cairo on 15 July, EIB Vice-President Philippe de Fontaine Vive commented: "This project will serve to meet the growing demand for electricity by both private [...]